This should provide some real results…
Analysis: Bank-picked experts take on U.S. foreclosure reviews
WASHINGTON, May 19 (Reuters) – U.S. regulators are pinning their hopes on independent consultants picked by large U.S. banks to uncover the true depth of foreclosure misconduct seen at lenders.
Regulators are close to signing off on these consultants, which are expected to include Promontory Financial Group, Treliant Risk Advisors and PricewaterhouseCoopers.
The consultants are supposed to pick up where bank regulators left off in their review of the largest mortgage servicers, including Bank of America, JP Morgan Chase, Wells Fargo and Citigroup.
The government review released last month found “pervasive” misconduct including sloppy paper trails and “robosigning” of foreclosure documents, but it only scratched the surface, by some regulators’ account.
Now the government is relying upon the bank-selected consultants, who must be approved by the regulators, in a high-stakes review that will help determine the potentially billions of dollars in fines the industry will have to pay.
Check out the rest here…
Can’t wait to see what they come up with…